The Zhitong Finance App learned that Everbright Securities released a research report saying that rising oil prices have strengthened expectations of interest rate hikes. Currently, the market has basically raised interest rates once more within 2026; the central bank continues to increase its gold holdings and is optimistic that gold prices will rise. Global copper mining is still tight; the US copper tariff policy has not been implemented, and COMEX copper inventories continue to reach new highs. Global copper supply continues to be tight. In September, China's electrolytic copper smelting operating rate hit a new low in the same period since 2014; domestic cable operating rates rebounded month-on-month, demand for Q4 power grids and air conditioning is expected to improve, and the contradiction between tight supply and demand remains unchanged in 2026.
The main views of Everbright Securities are as follows:
Incidents
All of the 2026Q3 fund's heavy stocks have been disclosed. The bank counted active equity fund's heavy stock holdings in the non-ferrous metals industry based on the fund's heavy stock holdings. Fund types include ordinary equity funds, partial share hybrid funds, balanced hybrid funds, and flexible allocation funds.
industry
The 2026Q3 non-ferrous metals heavy stock holdings accounted for 4.25% of the fund's heavy stock holdings, +0.85pct compared to the previous month. The total market value of the 2026Q3 active equity fund's holdings in heavy stocks in the non-ferrous metals industry was about RMB 80.52 billion, accounting for 4.25% of the fund's overall heavy stock holdings, up 0.85pct from 2026Q2 (3.40%).
Individual stocks
The top ten heavy stock holdings are concentrated in copper and gold, and Zijin Mining is still the largest heavy stock. As of 2026Q3, the top ten active equity funds in the non-ferrous metals industry were Zijin Mining (21.2 billion yuan), Luoyang Molybdenum (4.1 billion yuan), Western Mining (4.1 billion yuan), Chifeng Gold (3.5 billion yuan), China Gold (3.2 billion yuan), Shanjin International (2.9 billion yuan), Jin Chengxin (2.85 billion yuan), Dragon Magnetic Technology (1.6 billion yuan), Zijin Mining (H) (1.5 billion yuan).
Masukura
It mainly focuses on magnetic materials, superalloys, and gold. Among specific individual stock holdings, active equity funds increased their holdings in 2026Q3 compared to 2026Q2, and the top ten stocks in the stock's tradable share ratio were Dragon Magnetic Technology (magnetic materials, with the largest increase), Jin Chengxin (copper), Shengda Resources (silver), Shanjin International (gold), Longda (superalloy), Chifeng Gold (gold), Tunan shares (high temperature alloy), Yongjie New Material (aluminum foil), Lingbao Gold (H) (gold), and China Gold (gold).
Decrease positions
Concentrate on small metals and materials such as lithium. Among specific individual stock holdings, active equity funds reduced their holdings in 2026Q3 compared to 2026Q2 and the top ten stocks in the stock's tradable share ratio were Boqian New Materials (MLCC nickel powder, with the biggest decrease), Yongxing Materials (lithium), Hengbang (gold), Chinatungsten Hi-Tech (tungsten, tools), Zhuye Group (lead, zinc, gold), Dongfang Tantalum (tantalum), Zuxing New Materials (aluminum processing), Rongjie (lithium), Dingsheng New Materials (rare aluminum foil) color (rare earth)
Risk warning: Economic recovery falls short of expected risks; rising copper and aluminum prices curb downstream demand; risk of the Fed falling short of expectations in interest rate cuts; trade conflict mitigates risks.